Banking & Payments - Beam Receives Channel Excellence Award in Mobile Banking for Financial Inclusion at Asia Trailblazer Awards 2013

15th March 2013: Singapore

Banking & Payments, a leading journal for retail banking and payments announced the winners of its annual Trailblazer Awards in a glittering award ceremony held on Friday, 15 March 2013 at Grand Copthorne Waterfront Hotel, Singapore.


Beam received the Channel Excellence Award in Mobile Banking for fostering Financial Inclusion at the Banking & Payments Asia Trailblazer Awards 2013.

Thomas Zink, Editor, Banking & Payments mentioned that “Beam operates a cashless financial transaction system allowing unbanked and banked to transact with anyone, anywhere, anytime. The growth of the network is astonishing with customer numbers growing from 1mn in Mar 2010 to over 7mn in September 2011 and to 10mn in August 2012.”

Anand Shrivastav, CMD said “This award is a tribute to India and each customer, channel partner and staff of Beam. Indeed we are proud to receive this recognition and rededicate ourselves to serving the people of India.

The program is a tribute to the best-of-breed players in retail banking and payments in Asia Pacific. Above all, it is designed to be a fair and objective benchmark for the industry. The awards have been created to identify best practice initiatives that are setting new standards for the retail banking industry in Asia and around the world.

The judging criteria include the ability of institutions to demonstrate a clear and unique strategy to grow their business, domestically and/or regionally; banks that have made the most investment in people and systems to develop their business; banks showing the most innovation in products/services; banks with demonstrably superior client services; institutions that have strengthened and extended the global reach of their brands: and banks which have demonstrated a strong business performance.

 

About Beam

Beam is a revolutionary Mobile/Ecommerce marketplace and Mobile Wallet which endeavors to enable convenience, empower economically, and enrich the lives of its customers. Beam enables trade flows and provide financial infrastructure to enable seamless transactions.

Beam-Mastercard tie-up coverage in Paymnts.com

MasterCard has announced a series of new partnerships at Day Three of Mobile World Congress in Barcelona, Spain, as the network continues to focus on global expansion, prepaid payments alternatives and mobile commerce. 

In the prepaid space, MasterCard announced a new agreement with Beam: a mobile and electronic wallet that will serve as a “a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card,” and will help facilitate payments for 14 million mWallet customers. 

“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide. “The launch of this revolutionary product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India.” 

For complete story, visit: http://www.pymnts.com/briefing-room/commerce-3-0/Mobile-World-Congress-2013/mastercard-focuses-on-mobile-prepaid-and-international-growth/ 

Press Coverage in MediaNama: Mastercard Partners Beam Money To Launch Mobile Wallet Prepaid Cards

February 28, 2013

Mobile payments platform, Beam Money, has partnered with MasterCard Worldwide to launch a prepaid card that will allow Beam’s mobile wallet users to transact at ATMs, physical merchants and online shops.

As part of the agreement, Beam franchisees across the country will be issue prepaid cards from July-August 2013, which will be  linked to the customer’s existing Beam account. Users can then make use of these cards to pay utility bills, make fund transfers, book movie or travel tickets, and also withdraw money from ATMs and Beam franchisees. The deal period or the financial details of the agreement were not disclosed.

MasterCard claimed that this prepaid card will be linked to the customer’s existing Beam account in real time and it will automatically sync transactions to the user’s beam account.

Beam currently offers a prepaid mobile wallet which provides services like remote payments, telecom and DTH recharge, rail, air and bus bookings, cinema tickets, utility payments, among others.

The company had claimed to have more than 14 million users in India and claimed to be working with more than 50,000 partners in the country including Aircel, Airtel, BSNL, Idea, MTS, MTNL Delhi and Mumbai, Reliance, Tata Indicom and Tata Docomo, Vodafone, Videocon, Uninor, Tata Sky, Videcon D2H, Airtel Digital, Sun Direct, Reliance Big, and Dish TV. It had also launched a mobile wallet app for the iPhone, called Beam Wallet, which allowed iPhone users to use the Beam Money service on their phones.

Other prepaid payment solution providers in the country include ITZ Cash, Oxigen, Paymate and TranServ Private Limited among others.

Chairman & MD Beam Money, Mr. Anand Shrivastav's exclusive interview with Knowledgefaber

 

 

 

Mobile Payments has potential to reach the unbanked population of India: CMD Beam Money

FINN

Mobile Payments has potential to reach the unbanked population of India: CMD Beam Money

February 18, 2013 by (FINN) Frontier India News Network

Given that mobile payments is the future of non-cash payment mechanisms in India, Frontier India (FINN) quizzed Anand Shrivastav, Chairman  & Managing Director, Beam Money, on various aspects of mPayments:

FINN: Safety of Mobile payment

AS: Mobile is probably the safest and most cost efficient way of dealing with payments. A company that wants to set up a mobile payment business has to follow the same procedures with Reserve Bank of India that financial institutions like banks, NBFC’s and others have to go through. Mobile payment company is classified as a Payment Gate by RBI. An approved company sets up an escrow account with a bank. When printing or creating the money recharge coupons, the company deposits the equivalent amount of money in the escrow account. Beam Money has data centers at 3 locations, which helps in disaster management and business continuity. We follow the industry standard encryption so that the data is not compromised. Backgrounds are checked and training imparted before appointing a company staff. Software ensures that personal information is not accessible. There is a 16 digit Transaction Identification Number (TIG), which is unique to the customer. Even the transactions are have a different number, so that cloned cards and data interception become ineffective. On point of sales level, there are no physical coupons, so the question of fakes does not arise. A customer gets instant confirmation of his transactions.  

                                                                                   

FINN: It brings in the potential of money laundering

AS: No sensible person will use the mPayment route for money laundering because the large payments and SIM’s can be tracked easily. There is actually a compliance mechanism for the payment gateways to track and report such activities.

FINN: How easy is mobile payment?

AS: For transactions on Beam Money, there are no software’s to download. Even a basic phone can be used for money transfers. Recharges are available via 50,000 channel partners. We even have women Sahayak’s who sell recharges and women are gainfully employed. Beam Money is being used by 14 million customers in India.

FINN: What is the market size?

AS: India has a 40% unbanked population that have no access to alternative method of financial services. Around $600 Million worth of cash transfers occur in India in a year. mPayment market is expected to witness robust growth, driven by high mobile penetration, increased affordability of mobile phones and reduced mobile network tariffs. Accessibility of payments platforms through numerous technology mediums such as mobile wallets is expected to lead to wider reach for mPayments.

FINN: Future plans of the company

AS: Beam Money’s mobile wallet has rolled out its Air Ticket booking service in 100 Post Offices across Tamil Nadu. Customers can book domestic as well as international air tickets at a Post Office near them, at an economical price, without requiring credit/debit card or net banking. We plan to roll-out such initiatives. We closed our books at Rs 90 crore in the current financial year and are hoping to earn Rs 125 crore in 2012-13. Our aim is to reach 100 million customers and 6 lakh Beam sahayaks by 2015-16.

Read more: http://frontierindia.net/mobile-payments-has-potential-to-reach-the-unbanked-population-of-india-cmd-beam-money#ixzz2LKlfOnBD